M&G picks Sinopec to build Texas PET, PTA plants

The completion of construction of the plants, including the time required to obtain necessary permits, is expected to occur within 36 months. M&G's engineering arms will provide critical equipment and services on a subcontracting basis to turnkey contractor Sinopec Engineering.

In a statement available Friday, M&G says it will build the
world's largest single-line PET plant with a capacity of 1
million tpy (2.2 billion lb), integrated with the western
world's biggest single-line PTA plant with a capacity of 1.2
million tpy (2.6 billion lb).

"This is the largest PET investment ever in the western world
and probably one of the largest investments recently announced
in the US in the private sector," said Marco Ghisolfi, CEO
of M&G's polymers business.

"It combines the excellence of the Corpus Christi site, the
excellence of state of the art technologies, and the excellence
of geographical heterogeneous project participants in their
respective fields of competence being production of PET/PTA,
engineering and construction of chemical plants or
banking and financials services.

"It shows that good projects attract the very best even
in the current economic downturn."

M&G's engineering arms, Chemtex Global S.a r.l. and M&G
Finanziaria S.r.l., will provide critical equipment and
services on a subcontracting basis to turnkey contractor
Sinopec, according to the company.

The completion of construction of the plants,
including the time required to obtain necessary permits, is
expected to occur within 36 months.

M&G will be the sole owner of the plants and solely
responsible for their operation.

"The awarding of this important contract to SEG is a big
milestone for entering the North America EPC market, which is a
part of[our]business strategy to diversify from coal chemicals
to polymers," said Yan Shaochun, CEO of Sinopec
Engineering.

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